MicroStrategy Shares Hit Record High, Coinbase Reaches Peak Since November 2021

On November 11, MicroStrategy’s stock price reached a new all-time high of $351.73, marking a year-to-date growth of 438.3%. The surge was driven by a cryptocurrency market rally following Donald Trump’s victory in the U.S. presidential election.

MicroStrategy’s market capitalization jumped by 25.7% to $68.9 billion.

According to Bloomberg analyst Eric Balchunas, trading volume for MSTR shares reached a record $12 billion—six times more than JPMorgan or General Electric.

Earlier, the analyst noted that the overall turnover of bitcoin-related instruments amounted to $38 billion.

As of November 11, the firm holds 279,420 BTC on its balance sheet, acquired for $11.9 billion at an average price of $42,692. At the time of writing, these assets are valued at $24.42 billion.

From October 31 to November 10, the firm purchased 27,200 BTC for $2.03 billion (at approximately $74,463 per coin).

Coinbase

On November 11, Coinbase’s stock price matched its peak from November 2021, reaching $334.86, an increase of 19.8%.

Over the past five days, the bitcoin exchange’s shares have risen by 75%.

Balchunas highlighted that Coinbase shares, like those of MicroStrategy, ranked among the top five most traded securities, surpassed only by Tesla and Nvidia.

Bitcoin mania taking over the stock market too as Coinbase and Microstrategy are both in Top 5 most traded stocks today, something I’ve never seen, only Tesla and Nvidia more. Both up an absurd 18% today. Feels like a craze, at least for the moment.. pic.twitter.com/W9T4IPXmQM

— Eric Balchunas (@EricBalchunas) November 11, 2024

CNBC’s Mackenzie Sigalos pointed to the potential change in leadership at the SEC as an additional reason for the sharp rise in the cryptocurrency exchange’s stock price. Coinbase is among the companies facing regulatory scrutiny.

The Commission filed a lawsuit against the platform in June 2023, accusing it of violating securities laws and operating without registration. The agency also targeted Coinbase Earn’s staking program.

In response to the SEC lawsuit, the exchange accused the regulator of overstepping its authority. The company reminded that it had complied with all oversight requirements for years and repeatedly requested direct guidance on the application of securities regulations.

The agency’s lawyers, in turn, questioned Coinbase’s claim that the company was unaware of any legal violations.

In July, the exchange accused the SEC and the FDIC of failing to comply with the Freedom of Information Act. Such requests allow the public to demand documents from any federal agency.

Canaan

On November 11, shares of mining equipment manufacturer Canaan rose by 41.3% to $1.78.

An additional driver was the agreement with HIVE Digital for the supply of 6,500 Avalon A1566 ASIC devices Avalon A1566.

500 miners will be installed soon. The remaining 6,000 machines will be delivered in four monthly batches of 1,500 units from December to March 2025. The terms of the deal are undisclosed.

Former BitMEX CEO Arthur Hayes reiterated his forecast for bitcoin to rise to $1 million, citing expectations for Donald Trump’s economic program.

The victory of the Republican candidate in the U.S. elections led to a more than 10% increase in the stock prices of cryptocurrency companies.